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Wednesday, 15 March 2017

Note ban only successful if there is rise in tax compliance: CEA

Chief Economic Advisor Arvind Subramanian has said that demonetisation can be called successful only if the amount of currency in circulation comes down over time and there is an increase in tax compliance. Commenting on the issue, Chief Economic Advisor Arvind Subramanian told the media, "Before demonetisation, the cash to GDP ratio was something like 12 per cent. Going forward, that should come down if demonetisation is to be deemed successful."

He also said the number of taxpayers needs to go up for the cash ban move to be called a success. Though the Reserve Bank has remonetised only under 70 per cent of the canceled money, it has lifted all the curbs on withdrawals from yesterday. "The general culture of non-compliance and illicit money creation should also improve through demonetisation, which was trying to signal a regime shift that in future this behavior will be less tolerated," he warned.